Shares of Saudi Arabia’s Kingdom Holding Company jumped 4.3% at the end of trading on Thursday, recording their highest closing level in more than a month and a half, amid heavy trading and growing investor interest in the company, as the market awaits its financial results, coinciding with developments related to the investments of its chairman, Prince Alwaleed bin Talal.
The stock continued its upward trend for the third session, reaching 12.82 riyals, its highest closing price since June 22, and it led the performance of its peers, in contrast to the decline of the Saudi market index, TASI, by 0.7%.
Alwaleed bin Talal's investment in Lucid
The rise in the company's stock coincides with investors' interest in Prince Alwaleed bin Talal's investment moves, after he achieved a return of more than 50% on his personal investment in Lucid Group, an electric vehicle company, according to statements from his private office to Asharq Bloomberg.
Alwaleed invested approximately $99.6 million in Lucid, at an average cost of $5.11 per share, building his stake over the past few weeks. He had previously disclosed that he owned a 5% stake in the company.
This investment remains separate from Kingdom Holding's portfolio, so Lucid's gains cannot be directly linked to the company's market capitalization. However, the move may add to investor interest in the prince's broader investment strategy, particularly in high-growth global companies.
Exceptional distributions and investment in SpaceX
At the level of Kingdom Holding Company itself, cash dividends stand out as a key factor supporting the stock's attractiveness. On June 22, the board of directors approved an exceptional cash dividend for the first half of 2026 exceeding one billion riyals, amounting to 0.27 riyals per share, according to the company's disclosure on the Saudi Stock Exchange (Tadawul).
This payment is in addition to annual cash dividends of 0.28 riyals per share for the fiscal year 2025, to be paid on a quarterly basis during 2026. Thus, the total dividends referred to amount to 0.55 riyals per share.
Kingdom Holding's global investments also constitute a key factor in the stock's valuation, most notably its stake in SpaceX. The company disclosed in June that its stake was 0.34%, and that the book value of the investment reached $4.47 billion by the end of March 2026.
SpaceX this week released its first quarterly financial report since its massive initial public offering in June. The company's revenue exceeded Wall Street expectations, reaching $7.8 billion in the second quarter.
All eyes are on the results.
The stock's rise combines clear technical momentum, evident in the doubling of trading volumes and the acceleration of gains during recent sessions, with an investment background that includes exceptional cash dividends and exposure to prominent global assets.
However, pinpointing the direct driver of Thursday's surge remains impossible based solely on trading data, especially in the absence of a significant new announcement from the company to explain the move. Therefore, attention is turning to upcoming financial results and disclosures for indicators confirming whether the stock's rise reflects an improvement in Kingdom Holding's business outlook or a reassessment of its investment portfolio following the substantial gains the stock recorded last year.
